Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd (IPPL) in Maharashtra through the Insolvency and Bankruptcy Code (IBC) process for INR 232 crore. The acquisition includes an 85 MW thermal power asset located next to the company’s steel manufacturing facility in Wardha. The transaction follows approval from the National Company Law Tribunal (NCLT) earlier this year, where Evonith Steel was selected as the successful resolution applicant. The move is expected to strengthen the company’s captive power availability and support the operational requirements of its 1.4 million tonne steel plant.
Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd (IPPL) for INR 232 crore through the Insolvency and Bankruptcy Code (IBC) process, strengthening its energy infrastructure for steel manufacturing operations.
The company announced that the acquisition includes an 85 MW thermal power asset, which is expected to support the power requirements of its steel production facilities. Reliable power availability remains a critical factor for steel manufacturers, as energy costs account for a significant portion of overall production expenses.
The acquisition follows approval from the National Company Law Tribunal (NCLT), which had earlier cleared Evonith Steel’s resolution plan after the company was selected as the successful resolution applicant for IPPL.
IPPL’s thermal power plant is strategically located adjacent to Evonith Steel’s 1.4 million tonne per annum steel manufacturing facility in Wardha, Maharashtra. The proximity of the power asset is expected to provide operational advantages by improving power accessibility and reducing dependence on external sources of electricity.
The transaction also reflects the continued use of the IBC framework for resolving stressed assets and facilitating their revival through new ownership. Over the past few years, several industrial and infrastructure assets have changed hands through insolvency proceedings, helping companies secure strategic assets while enabling value recovery for creditors.
For Evonith Steel, the acquisition aligns with the broader industry trend of strengthening captive and dedicated power resources amid rising energy costs and increasing focus on operational efficiency. The addition of the thermal power asset is expected to support the company’s existing production capacity and future growth plans at its Wardha facility.
Source PTI
Advertisement
Facebook
Whatsapp
